SEPTEMBER 19, 2011
GlucoTec, Inc. Completes Series A Preferred Stock Financing
Glytec will use the capital primarily to expand its direct US sales force, increase its international presence and advance research and development.
Greenville, SC — GlucoTec, Inc., the privately-held parent company of Glytec, LLC, today announced that it has completed a Series A Preferred Stock financing totaling $8,273,078. Glytec will use the capital primarily to expand its direct US sales force, increase its international presence and advance research and development.
“We also look forward to welcoming some very experienced and knowledgeable healthcare expertise onto our Board, which will enhance the breadth and vision of the Company,” said Dr. Robert E. Fischell, Chairman of GlucoTec, Inc. “Glytec continues to provide innovative guidance systems for the effective management of metabolic conditions, principally glycemia,” said Dr. Fischell. “The health and safety of patients is paramount.”
Glytec, LLC has developed and deployed network-based systems for glycemic management under the trade name of G+™ Enterprise Edition since 2010.
The financing was led by Sea Dragon Healthcare Partners, L.P., with participation by Standard Pacific Capital Holdings LLLP. M.M. Dillon & Co. LLC acted as placement agent, and Honigman Miller Schwartz and Cohn LLP served as legal advisor.
About GlucoTec, Inc. and Glytec, LLC
Headquartered in Greenville, SC, Glytec offers real-time glycemic management systems for individualized dosage recommendations of insulin, glucose and saline, considering all pertinent patient information such as demographics, lab results, and risk factors. The systems can be installed locally or operated remotely across the Internet. The Company’s glycemic management experience includes over a million proven patient hours using Glytec’s systems. Research over many years has yielded products and systems that monitor patient progress in real time and provide alerts when patients may be adversely impacted.
About M.M. Dillon & Co.
Dillon & Co. is an employee-owned partnership where industry and product specialists provide creative, idea-driven advice and solutions to its institutional and corporate clients. M.M. Dillon offers public and private financing, M&A advisory and restructuring advisory services.
This press release contains certain “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. Information in this press release, which is not historical, is forward looking and involves a number of risks and uncertainties. Investors are cautioned not to put any undue reliance on any forward looking statement.